Asian markets climbed on Friday amid hopes for a last-minute “fiscal cliff” deal in the US. The Nikkei rallied .7% to 10395, once again buoyed by exporters, thanks to a weakening yen. China’s Shanghai Composite advanced 1.2% to 2235, hitting a 6-month high. The Hang Seng ticked up .2% to 22667, and the ASX 200 rose .5% to 4671.
Spain’s Ibex 35 tumbled 1.8% to 8131, leading European shares lower, as shares in Bankia tanked 30%. The DAX declined .6% to 7612, and the FTSE shed .5% to 5925. Porsche rallied 5.4% after a lawsuit against the company was dismissed.
US indexes fell for their fifth straight day. The Dow erased 158 points to 12938, and the S&P 500 sank 1.1% to 1402, as the VIX surged 16.7% to 22.72.
Currencies
The dollar traded mostly lower on Friday. The British pound advanced .4% to 1.6164, and the Canadian dollar edged up .2% to .9966. The yen slipped .3% to 85.99, reversing from an intraday low of 86.55 against the dollar. The euro eased .1% to 1.3218.
Economic Outlook
Pending home sales blew past forecasts, jumping 1.7% versus forecasts for a .3% drop. Chicago PMI rose to 51.6 from 50.4, slightly better than expected.
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Asia Gains While Western Markets Slump
Published 01/01/2013, 01:57 AM
Updated 05/14/2017, 06:45 AM
Asia Gains While Western Markets Slump
Equities
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